News & Insights

The National Business & Economic Outlook for the coming 12 months presents a blend of promising growth opportunities and notable challenges. According to the "2024 Women and Minority Business Owner Spotlight" report by Bank of America, over 70% of women and minority business owners expect revenue growth, indicating strong optimism. Notably, minority business owners show increased confidence, with 78% predicting an improved economic environment compared to 2023.

Read the rest of entry »

Scammers defrauded thousands of holiday shoppers through online scams, non-delivery schemes, and fake listings, resulting in substantial financial losses. The FBI reported almost 12,000 victims resulting in losses of over $73 million last holiday season due to scams, with thousands of victims falling prey to phishing emails, fake online stores, and fraudulent social media ads designed to deceive consumers into disclosing personal and financial information.

Read the rest of entry »

Shopping locally is not just about finding unique gifts; it’s about strengthening the entire community. Studies from REV indicate that 67 cents of every dollar spent at a local business remains in the local economy, compared to only 43 cents for non-local businesses. This local “multiplier effect” is significant because local businesses often source products from other small businesses, creating a positive economic ripple throughout the community. As stated by Forbes, Small businesses account for 99.9% of all businesses in the U.S. and employ nearly half of the American workforce. In other words, by shopping locally, consumers help maintain and create jobs that sustain their communities year-round.

Read the rest of entry »

According to the Office Of Advocacy, veteran-owned businesses have made a significant impact on the U.S. economy, with over 1.9 million veteran-owned businesses providing jobs for around 5.5 million people and generating substantial economic output, according to data from the SBA.

Read the rest of entry »

A U.S. Chamber of Commerce study found that 85% of small businesses reported that technology platforms were essential in getting their business up and running. Additionally, 94% indicated that technology helps them operate more efficiently. Small businesses should consider focusing on building a robust and cost-effective tech stack to remain agile, connect with customers, and streamline operations. With the right tools, these businesses can possibly enhance productivity and compete more effectively with larger companies.

Read the rest of entry »

A business bank account provides structure and access to essential tools that help owners effectively manage operations and ensure long-term success. Maintaining separate accounts reduces accounting errors and simplifies tax reporting, with nearly 60% of small business owners having faced cash flow problems according to QuickBooks, many resorting to personal savings to bridge business expenses. Using personal accounts can also negatively affect personal credit scores.

Read the rest of entry »

According to QuickBooks, "32% of small business owners say better financial literacy would help them improve budgeting and cash flow." Understanding key economic concepts such as cash flow management, budgeting, and tax strategies helps entrepreneurs make better decisions, optimize performance, and avoid costly mistakes. However, many small business owners struggle with these concepts, making financial literacy programs essential.

Read the rest of entry »

The industry is witnessing a remarkable shift toward personalization. In a Neklo article, 68% of bank respondents said personalization is essential for their organizations' customer acquisition strategies.  This sentiment is echoed by consumers themselves, as research by Accenture shows that 91% of customers prefer doing business with companies that provide relevant, personalized recommendations.

Read the rest of entry »

The rise of digital transactions has led to an increase in opportunities for financial fraud, as fraudsters constantly develop new tactics. According to American Banker, there were 1.1 million consumer complaints about fraud during the first half of 2024. Artificial intelligence (AI) provides faster and more accurate solutions, improving banks' and other institutions' ability to detect fraudulent activity in real time.

Read the rest of entry »

According to data from Nonprofits Source, 90% of corporate managers say they gain consumer trust when partnering with reputable nonprofits, and 89% believe such partnerships enhance their ability to drive societal impact. These strategic alliances leverage the strengths of both sectors to address complex societal challenges more effectively than either could alone. 

Read the rest of entry »